As US regulators continue their crackdown on the crypto industry juicy details about the moolah generated by the US version of Binance have been made public due to ongoing legal battles . A recent report spilled the beans revealing that the American branch of the Binance platform has pocketed a whopping $410 million in revenue since its inception with estimated gross profit standing at $225 million.
Binance.US Lets the Numbers Do the Talking
The figures come from accounts allegedly provided by Binance itself to the US regulatory agency covering the years 2019 to 2023 . It turns out that the exchange scored most of its revenue and profit in 2021 with a mind boggling $265 million in revenue for that year . The following year 2022 still saw a respectable $95 million in revenue.
International Version of Binance Takes a Hit
Interestingly the international version of Binance witnessed a decline in trading volumes as 2022 drew to a close . On December 23 the volumes hit rock bottom at a measly $9.39 billion resulting in lower revenue for the quarter . Cryptoquant a blockchain data analysis firm , reports that the Binance platform raked in a jaw dropping $12 billion in annual revenue for 2022 alone a remarkable tenfold increase compared to its performance in 2020.
Binance.US Trading Volume Takes a Dip
According to the data on CoinMarketCap the US iteration of Binance ranked a modest 84th in terms of trading volume over the past 24 hours clocking in at $44.6 million . That’s a steep 55.70% drop compared to the previous day’s results . In contrast the international version of Binance remained at the top of the heap with a 24 hour trading volume of $4.85 billion albeit showing a decline of nearly 60.4% from the day before.
Binance Coin (BNB) Takes a Tumble
At the time of writing Binance Coin (BNB) is languishing at around $237.51 a sharp 22.16% decrease from last week’s price that soared above the $305.96 mark . This downturn marks a significant departure from the positive momentum that BNB and the wider crypto market enjoyed at the start of 2023.
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